| Performance/Payment Bonds: |
Perfomance/Payment Bonds
This bond guarantees the performance of a contractor as specified in the underlying contract (performance bond) as well as the payment of labor and material bills
(payment bond).
Construction Contract Surety Bonds provide financial security and construction assurance on building and construction projects by assuring the project owner (obligee)
that the contractor (principal) will perform the work and pay certain subcontractors, laborers, and material suppliers.
Performance bonds, protect the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions.
Payment bonds, guarantee that the contractor will pay certain subcontractors, laborers, and material suppliers associated with the project.
In order to help service your bond requirements the following will be required below:
For contracts below $100,000:
A copy of the latest year end business financial statement - (in it's entirety)
If the financial statement is not prepared by a CPA we will need copies of all bank statements to verify all cash balances shown
A recent personal financial statement of each of the owner's
If a sole proprietorship, submit the latest available federal income tax return
A Completed Contractors Profile and Specific Bond Request forms
A copy of the Bid Specifications or the Contract itself
For contracts $100,000 or more, all of the above plus:
The last three year end CPA prepared business financial statements -(in their entirety)
Work-On-Hand Schedule
Bank Reference Letter (Sample attached to application)
Certificate of Insurance
The contractor, the owners and their spouses will be required to properly complete our General Indemnity Agreement
To obtain the application and required forms, Contact Byrne - Kim for application needed (949) 249-2540
This bond guarantees the performance of a contractor as specified in the underlying contract (performance bond) as well as the payment of labor and material bills
(payment bond).
Construction Contract Surety Bonds provide financial security and construction assurance on building and construction projects by assuring the project owner (obligee)
that the contractor (principal) will perform the work and pay certain subcontractors, laborers, and material suppliers.
Performance bonds, protect the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions.
Payment bonds, guarantee that the contractor will pay certain subcontractors, laborers, and material suppliers associated with the project.
In order to help service your bond requirements the following will be required below:
For contracts below $100,000:
A copy of the latest year end business financial statement - (in it's entirety)
If the financial statement is not prepared by a CPA we will need copies of all bank statements to verify all cash balances shown
A recent personal financial statement of each of the owner's
If a sole proprietorship, submit the latest available federal income tax return
A Completed Contractors Profile and Specific Bond Request forms
A copy of the Bid Specifications or the Contract itself
For contracts $100,000 or more, all of the above plus:
The last three year end CPA prepared business financial statements -(in their entirety)
Work-On-Hand Schedule
Bank Reference Letter (Sample attached to application)
Certificate of Insurance
The contractor, the owners and their spouses will be required to properly complete our General Indemnity Agreement
To obtain the application and required forms, Contact Byrne - Kim for application needed (949) 249-2540
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